PayPal reported a better-than-expected quarterly profit on Wednesday as more people used its payment processing platform to make transactions and forecast full-year adjusted profit above Wall Street estimates. The company, which separated from eBay in 2015, has made a number of acquisitions since then to expand its business.

PayPal, which facilitates payments on apps like Uber, eBay, Hulu and Spotify, reported a 19% rise in its revenue at $4.38 billion, above analysts’ expectations of $4.35 billion, according to IBES data from Refinitiv. Total payment volume (TPV), or the value of payments completed through PayPal’s platform, rose 25% to $178.67 billion, beating estimates of $177.32 billion.

Number of payment transactions per active account that measures consumer engagement also rose 9% to 39.8. Net income rose to $462 million in the quarter ended Sept 30, from $436 million a year earlier. PayPal expects 2019 adjusted profit between $3.06 and $3.08 per share. Analysts were expecting $2.97 per share.

Source: ET tech.com